Instructions For Preliminary Inventory On Side Two Of Affidavit For Collection Of Personal Property Of Decedent {E-203ins}

INSTRUCTIONS FOR PRELIMINARY INVENTORY ON SIDE TWO OF AFFIDAVIT FOR COLLECTION OF PERSONAL PROPERTY OF DECEDENT, FORMS AOC-E-203A and AOC-E-203B, Rev. 1/12 THE CLERK IS THE JUDGE OF PROBATE AND CANNOT PRACTICE LAW OR GIVE LEGAL ADVICE. ACCORDINGLY, THE CLERK'S STAFF CANNOT HELP YOU FILL OUT THIS FORM. PARTS OF THIS FORM ARE SELF-EXPLANATORY. HOWEVER, FOR ANY NECESSARY ASSISTANCE, YOU SHOULD CONSULT AN ATTORNEY. Affidavit For Collection Of Personal Property Of Decedent, Forms AOC-E-203A and AOC-E-203B, Rev. 1/12 Whether or not the decedent left a will, and regardless of the value of any real property owned by the decedent, if 1) the value of the decedent's personal property, less liens and encumbrances (and less the spousal allowance under G.S. 30-15 for a decedent dying on or after 1/1/12), does not exceed $20,000 ($30,000 if the surviving spouse is the sole heir or devisee of the decedent), and 2) at least 30 days have passed since the date of death without anyone qualifying as personal representative, the estate may be administered by affidavit as a small estate pursuant to G.S. 28A-25-1 and G.S. 28A-25-1.1. An executor named in the will, an heir, devisee or creditor of the estate, with the approval of the Clerk of Superior Court, may file the necessary affidavit using this form, and thereby qualify as collector by affidavit of the estate. Side Two of the form contains a preliminary listing of the assets of the estate. This part of the form is intended as a preliminary report to the clerk, heirs and creditors of the nature and probable value of the property, real and personal, wherever located, owned by the decedent as of the date of death. General Instructions: Type or print neatly in black ink. All values reported should be the fair market value of the item as of the date of death. If there is not sufficient space on this form, continue on a separate attachment. Except where instructed to itemize, you should report in a lump sum the estimated total value of all property in each category. A complete itemization and valuation of decedent's property must be listed on the final Affidavit Of Collection, Disbursement and Distribution form (AOC-E-204) and filed with the clerk within three months after the filing of the initial affidavit (AOC-E-203A and AOC-E-203B). "Account" includes accounts in banks, savings and loans and other financial institutions, including money market accounts with brokerage houses or similar institutions. "Joint Account With Right Of Survivorship" is an account in the name of two or more persons in which the deposit agreement (1) is signed by all parties and (2) expressly provides that, upon the death of one of the joint depositors, the interest of the decedent passes to the survivor(s). Any joint account which is not "with right of survivorship" is a joint account without right of survivorship. "Stocks Or Bonds With Right Of Survivorship" are securities in which the certificate clearly states that upon the death of one of the joint owners the interest of the decedent passes to the survivor(s). Any jointly owned security which is not owned "with right of survivorship," is owned without right of survivorship. "Securities Registered In Beneficiary Form" means stocks, bonds, or other securities officially registered with the issuer of the security indicating the current owner of the security and the person who will automatically become the new owner of the security upon the death of the owner." (See G.S. 41-40 et. seq.) PART I. PROPERTY OF THE ESTATE 1. Deposits In Sole Name Of Decedent - For each account, list the name of the institution, the account number and the balance on the date of death. 2. Joint Accounts Without Right Of Survivorship - For each account, list the name of the institution, the account number, and the name(s) of the other joint owner(s). If the percentage owned by the decedent can be determined, report that percentage and the value of that percentage. If the percentage owned by the decedent is unclear, report the percentage as 100%, and list the total amount on deposit on the date of death. A copy of the signature card or depository contract should be attached either to this form or the final Affidavit Of Collection, Disbursement And Distribution (AOC-E-204). 3. Stocks And Bonds In Sole Name Of Decedent Or Jointly Owned Without Right Of Survivorship - If the percentage owned by the decedent can be determined, report that percentage and the value, in a lump sum, of that percentage. If the percentage owned is unclear, report the percentage as 100%, and list the total value, in a lump sum, of all such stocks and bonds. A detailed itemization of these assets must be reported in the final Affidavit Of Collection, Disbursement And Distribution (AOC-E-204). 4. through 7. These categories should be self-explanatory. 8. Interest in Partnership Or Sole Proprietor Businesses - Report all solely owned business interest and all partnerships in which the decedent was a general or limited partner. List the name of the business or partnership, the names of the surviving partners, the decedent's percentage interest in that partnership, and the value of that partnership interest or business. 9. through 11. These categories should be self-explanatory. AOC-E-203 Instructions, Rev. 1/12 © 2012 Administrative Office of the Courts (Over) American LegalNet, Inc. www.FormsWorkFlow.com 12. Real Estate Willed To The Estate - (NOTE: (a) Real property willed to any person or entity other than the estate must be reported in Part II, Item 5. (b) If any real estate has been willed to the estate, a personal representative must be appointed.) Indicate only real estate which the decedent devised (willed) to his or her estate or to his or her executor in the capacity as executor (not as an individual). Usually, such a devise is accompanied by a direction to sell the real estate and distribute the proceeds as specified in the will. A listing of all such properties, together with an identification or legal description of each parcel or tract should be reported here, using fair market value as of the date of death. 13. Estimated Annual Income Of The Estate - Income of the estate includes, for example, interest on checking and other accounts opened in the name of the estate, dividends and interest on stocks and bonds owned in the name of the estate, and other income to the estate. Income of the estate does not include interest on accounts, or dividends or interest on stocks